Clarity Act’s stablecoin yield language pushed back; ban on idle balances still intact
The Block
Legislators have delayed the release of Clarity Act draft text, which maintains a controversial ban on interest rewards for idle stablecoin holdings.Summary
The release of the latest Clarity Act draft, which addresses the contentious issue of stablecoin yield, has been delayed until at least next week as Senator Thom Tillis seeks further clarity on the Banking Committee's schedule. The current draft retains a provision that bans interest rewards on idle stablecoin balances, a stance that has faced significant pushback from crypto companies like Coinbase. Conversely, U.S. banks argue that such rewards could destabilize the traditional banking sector by drawing away deposits. Despite ongoing efforts by the White House to facilitate a compromise, both sides remain deadlocked over the impact on market innovation and institutional stability.
(Source：The Block)